London | Reuters –– Global corn production is expected to fall by five per cent in 2015-16 from this season’s record level and the world wheat crop to decline by a more modest two per cent, the International Grains Council (IGC) forecast on Thursday.
The intergovernmental body, in a monthly report, forecast global corn production in 2015-16 at 938 million tonnes, down from 992 million in the current season but still the third largest crop ever.
“Despite the drop in (corn) output, heavy stocks are the start of the season should ensure large overall availabilities,” the IGC said in its report.
“While strong demand is anticipated, especially for feed, maize (corn) ending stocks are likely to remain comfortable.”
The IGC raised its estimate for this year’s wheat crop by two million tonnes to 719 million tonnes, partly reflecting an upward revision to its forecast for Argentina to 13.9 million tonnes from a previous projection of 12.5 million.
“Prospects for the 2015-16 world wheat harvest remain mostly favourable and only a small year-on-year decline in production is anticipated,” the IGC said, projecting a two per cent decline to 705 million tonnes.
— Reporting for Reuters by Nigel Hunt.